Add training workflow, datasets, and runbook

training_data/curated/text/7ccbf6598ff0ddd791a48028a86c591ab263e5df37b80abacdd6ca39897b734e.txt

@@ -0,0 +1,23 @@
+the stock price. This can bring Bill to his stop-loss sooner. Delta versus
+theta however, is the major consideration. He will plan his exit price in
+advance and cover when the planned exit price is reached.
+There are more moving parts with the covered call than a naked option. If
+Bill wants to close the position early, he can leg out, meaning close only
+one leg of the trade (the call or the stock) at a time. If he legs out of the
+trade, he’s likely to close the call first. The motivation for exiting a trade
+early is to reduce risk. A naked call is hardly less risky than a covered call.
+Another tactic Bill can use, and in this case will plan to use, is rolling the
+call. When the March 70s expire, if Harley-Davidson is still in the same
+range and his outlook is still the same, he will sell April calls to continue
+the position. After the April options expire, he’ll plan to sell the Mays.
+With this in mind, Bill may consider rolling into the Aprils before March
+expiration. If it is close to expiration and Harley-Davidson is trading lower,
+theta and delta will both have devalued the calls. At the point when options
+are close to expiration and far enough OTM to be offered close to zero, say
+0.05, the greeks and the pricing model become irrelevant. Bill must
+consider in absolute terms if it is worth waiting until expiration to make
+0.05. If there is a lot of time until expiration, the answer is likely to be no.
+This is when Bill will be apt to roll into the Aprils. He’ll buy the March 70s
+for a nickel, a dime, or maybe 0.15 and at the same time sell the Aprils at
+the bid. This assumes he wants to continue to carry the position. If the roll
+is entered as a single order, it is called a calendar spread or a time spread.